Goa is one of the most beautiful cities in India. It is the smallest state in India. Goa is located in the Konkan region of the Western Ghats. It is bordered by Karnataka in the east and south and Maharashtra in the north. It attracts tourists in large numbers, both from within the country as well as abroad. The main attraction here is the sandy beaches, the mix of Indian and Portuguese architecture, and the laidback lifestyle. Get here the complete information about this city.
The real estate market in Goa has been very encouraging for investors because the market has been on a roll for quite some time now. Many centrally located areas are vying for builders and investors. Frenetic development activities can be witnessed in areas such as Palolem, Dona Paula, and Morjem, encouraging builders to capitalize on these areas.
There are umpteen kinds of properties available in the state. These include villas that are 100 years old and apartments with a beach or river view. This provides buyers with plenty of choices when it comes to residential properties.
The land has been in great demand even for commercial purposes with many companies intending to construct malls and the retailers looking to set up exclusive showrooms
NRIs looking to come back to Goa during retirement typically prefer either a sea-facing bungalow or a quadraplex with a beach view.
Goa was a trade magnet. Traders from the West would halt on the west coast of India, especially Goa. The Portuguese traders landed here in 1510. After defeating a ruling Bijapur sultan, the Portuguese established a permanent settlement in what is today called Old Goa. Today, the state still exhibits Portuguese influence, especially in culture and architecture.
Over the last few years, the real estate development in Goa has increased. The state attracts more than just tourists. Many HNI (high net worth) individuals have realized that since the property prices in Goa are cheaper than those in some of the central areas in Mumbai and Delhi NCR, investing in property in the state is lucrative.
Goa is the richest state in India with its GDP being two-and-a-half times the GDP of the country. The primary drivers of the economy in the state are tourism and mining. The state accounts for 12.5% of all the tourist inflow to India. The pristine beaches, cultural festivals, Goan cuisine, and ancient churches are major attractions for tourists. The important mines are mostly located in the eastern and northern parts of Goa with the Marmagao Port handling the majority of these mines.
During the tourist season, the population in Goa almost doubles with the tourist population almost equaling the population of the local citizens. The second biggest industry in the state is mining. Iron ore, manganese, clay, bauxite, and magnesium are among the minerals available in the state. Since this industry operates on a very large scale, it’s a source of employment for thousands of people in the state
Goa is strategically located with excellent road, air, railways, and sea connectivity. The state has a well developed internal water network. This helps industries transport goods and raw materials more economically than through other modes of transport.
Goa has a strong telecommunication network. Besides the government-owned Bharat Sanchar Nigam Limited (BSNL), a bunch of private players like Airtel and Reliance offers various telecom services. Mormagao is the major port in the state. It can accommodate over 50 ships in the outer anchorage.
Goa is a power surplus state. The power generation in the state exceeds the demand for it. According to some estimates, the demand for power is estimated at 305 MW. The power generated, on the other hand, comes up to 394 MW. The Eleventh Finance Commission placed Goa right on top of other cities for infrastructure.